Mark Britto is the Executive Vice President at PayPal Inc. As a key member of the Senior Leadership team, he supports the company’s executive team and advises the Board on key strategic priorities. From 2020 to September 2022, he held the joint role of EVP and Chief Product Officer.
During that time, he also oversaw the product teams whose job it is to advance PayPal’s position as the leading digital payment method. He leads the team responsible for developing and innovating the company’s credit solutions like PayPal Credit and PayPal Buy Now Pay Later.
His estimated net worth is at least $13 million as of June 2023. This article will look at how he rose to seniority in one of the world’s best-known fintech organizations and look at other companies he has a stake in.
Early career and background
Britto has a Masters in Operations Research and a Bachelor of Science in Industrial Engineering and Operations Research. After graduating from the University of California in Berkeley, he pursued a career in credit and risk management roles.
He rose to senior positions at leading national banks FirstUSA and Bank of America.
The first company he set up was called Accept.com – a financial services company that developed ways to make accepting online payments easier. The business was acquired by Amazon for $101.7 million in 1999.
Accept.com’s technology was used as the framework for Amazon’s initial global payments platform, and Britto served as Senior Vice President of Worldwide Services and Sales.Â
From Amazon, he went to Ingenio, a personal advice and wellness website. As CEO, he led the company through its acquisition by AT&T in 2007.
Ingenio’s platforms facilitate consultations between customers and advisors (including counselors, coaches, guides, and spiritualists) all around the world. They also operate one of the world’s largest collections of astrology media companies and broadcast content to over 50 million people worldwide.
Britto saw a different future for himself and founded Boku along with Erich Ringewald and Ron Hinson in 2009. He dedicated almost a decade to this enterprise which allows customers to purchase digital content using their mobile phones.
This payment service can now be used to pay for films, music, and games and to make deposits for online gambling at top Boku casinos like NetBet and MrQ.
With Britto at the helm, the business became the world’s largest independent carrier billing company. Six out of seven of the world’s most valuable companies are live on the platform.Â
Current work life
As well as being EVP of PayPal Holdings Inc, Mark Britto holds 175,836 shares in the company with stocks worth over $12 million. He is also a Director of Angi Inc, where he owns 144,035 shares with a stock value of $482,517.
Angi Inc was previously Angies List and helps connect homeowners with professionals to carry out home improvements and projects. As EVP at PayPal, he is paid over $1 million a year. While that sounds like an enormous amount, nine executives at PayPal receive more compensation than he does.
Not standing still
Britto joined PayPal in 2017 and has helped to keep the business at the top of the payment platform league tables. It was one of the first challenger payment options in the early days of the Internet.
Rather than resting on its laurels, PayPal is forever innovating and launching new services for customers. Britto does not just hold onto his PayPal stock. Over the past five years, he has bought and sold his shares. In May 2022, he acquired 7,370 PayPal shares at a cost of almost $600,000.
Key Takeaways
What you can see from Mark Britto’s career is that his career has been a series of steady steps. Starting with solid foundations from his Bachelor’s and Masters’ degrees, he honed his skills in the US’s most prominent banks before setting up his own ventures.
He has moved between start-ups and corporates, accumulating wealth as he goes. This seems to be how many of those at the top of the net worth list seem to get there.